MANSFIELD, Pa., Jan. 30,
2025 /PRNewswire/ -- Citizens Financial Services,
Inc. (Nasdaq: CZFS), parent company of First Citizens Community
Bank, released today its unaudited consolidated financial results
for the three months and year ended December
31, 2024.
Highlights
- Net income was $27.8 million for
2024, which is $10.0 million, or
56.2%, more than 2024's net income due to the one-time merger and
acquisition costs and the provision for credit losses on
non-purchase credit deteriorated loans (the "NPC Provision")
recorded in the second quarter of 2023 as a result of the
acquisition of HV Bancorp, Inc., ("HVB"). The effective tax rate
for 2024 was 17.4% compared to 17.2% in 2023.
- Net income was $8.0 million for
the three months ended December 31,
2024, which is 5.9% more than the net income for 2023's
comparable period. The effective tax rate for the three months
ended December 31, 2024 was 16.4%
compared to 18.3% in the comparable period in 2023.
- During the first quarter of 2024, the Company completed the
sale of certain assets acquired as part of the HVB acquisition,
which included loans and accrued interest, and software, as well as
transferring certain contracts, processes and employees of a
division internally known as Braavo. The proceeds from the sale
totaled approximately $7.2 million
and generated a pre-tax gain of approximately $1.1 million.
- Net interest income before the provision for credit losses was
$86.5 million for 2024, an increase
of $6.2 million, or 7.7%, over
2023.
- The provision for credit losses for 2024 was $2.6 million. The provision was significantly
impacted by loans that were not sold as part of the Braavo sale
that was completed in the first quarter of 2024. The provision for
2024 directly attributable to these loans was $1,806,000. As of December
31, 2024, the Company had approximately $971,000 of Braavo loans of which $774,000 were considering performing as of
December 31, 2024.
- Return on average equity for the three months (annualized) and
the year ended December 31, 2024 was
10.63% and 9.59% compared to 11.29% and 7.39% for the three months
(annualized) and the year ended December 31,
2023, respectively. If accumulated other comprehenisve loss
is excluded, the return on average equity for the three months
(annualized) and the year ended December 31,
2024 was 9.91% and 8.82% compared to 9.93% and 6.52% for the
three months (annualized) and the year ended December 31, 2023, respectively (1). If the
provision for the credit losses attributable to the Braavo loans
and the gain on the sale of Braavo are excluded, the return on
average equity for the year ended December
31, 2024 would have been 9.84% (1).
- Return on average tangible equity (non-GAAP) for the three
months (annualized) and the year ended December 31, 2024 was 15.10% and 13.84% compared
to 16.88% and 10.00% for the three months (annualized) and the year
ended December 31, 2023,
respectively. If the provision for the credit losses attributable
to the Braavo loans and the gain on the sale of Braavo are
excluded, the return on average tangible equity for the year ended
December 31, 2024 would have been
14.19% (annualized) (1).
- Return on average assets for the three months (annualized) and
the year ended December 31, 2024 was
1.06% and 0.93% compared to 1.01% and 0.67% for the three months
(annualized) and the year ended December 31,
2023, respectively. If the provision for the credit losses
attributable to the Braavo loans and the gain on the sale of Braavo
are excluded, the return on average assets for the year ended
December 31, 2024 would have been
0.96% (annualized) (1).
2024 Compared to 2023
- For 2024, net income totaled $27,818,000 which compares to net income of
$17,811,000 for 2023, an increase of
$10,007,000. Basic and diluted
earnings per share were $5.86 and
$5.85, respectively, for 2024
compares to $4.02 per share for 2023.
Return on equity for 2024 and 2023 was 9.59% and 7.39%, while
return on assets was 0.93% and 0.67%, respectively. The increase in
performance when comparing 2024 to 2023 was due to the one time
costs associated with the acquisition of HVB and the NPC Provision
recorded in 2023.
- Net interest income before the provision for credit loss for
2024 totaled $86,445,000 compared to
$80,260,000 for 2023, resulting in an
increase of $6,195,000, or 7.7%.
Average interest earning assets increased $262.0 million in 2024 compared to 2023,
primarily due to the HVB acquisition. Average loans increased
$290.8 million while average
investment securities decreased $31.2
million. The yield on interest earning assets increased 49
basis points to 5.56%, while the cost of interest-bearing
liabilities increased 66 basis points to 3.00% due to the rise in
market interest rates and competitive pressure. The tax effected
net interest margin for 2024 was 3.13% compared to 3.21% for
2023.
- The provision for credit losses for 2024 was $2,587,000 compared to $5,528,000 for 2023, a decrease of $2,941,000. The provision for 2024 was impacted
by the Braavo loans as previously mentioned and an increase in past
due, non-accrual and classified loans during the final three
quarters of 2024. As a result of the HVB acquisition during 2023,
the Company recorded a $4.6 million
provision for credit losses for loans acquired that did not have
any credit deterioration at the time of purchase. Excluding the
impact of the acquisition from 2023, the provision would have
increased $1,650,000 when comparing
2024 to 2023 with the increase being attributable to the Braavo
loans and the increase in past due, non-accrual and substandard
loans in 2024.
- Total non-interest income was $15,401,000 for 2024, which is $3,796,000 more than the non-interest income of
$11,605,000 for 2023. The primary
drivers were the gain on the sale of assets associated with Braavo
and activity due to the HVB acquisition. As a result of the
acquisition, service charges, gains on loans sold, earnings on bank
owned life insurance and other income all increased. Earnings on
bank owned life insurance also increased due to the passing of a
former employee in the first quarter of 2024. During 2024, the
Company experienced a gain on its equity investment portfolio
compared to a loss during 2023.
- Total non-interest expenses for 2024 totaled $65,586,000 compared to $64,822,000 for 2023, which is an increase of
$764,000, or 1.2%. Salary and benefit
costs increased $4,357,000, or 12.5%,
due to an additional 34.3 FTEs as a result of the acquisition,
merit increases for 2024, as well as an increase in health
insurance costs due to additional headcount and claims. The
increases in occupancy, furniture and fixtures, software expenses
and amortization expenses was due to the HVB acquisition and
additional branches as part of it. FDIC insurance expense increased
$521,000 due to the Company's
increased size and the Bank's lower leverage capital ratio during
the first half of 2024 compared to 2023. Professional fees
increased due to increased legal expenses, of which $201,000 was related to the sale of certain
Braavo assets. Pennsylvania shares
tax increased due to the increased size of the Bank. Other expenses
increased primarily due to the acquisition, with increases
experienced in subscriptions, marketing and advertising, postage,
printing, data communication expenses and FHLB letter of credit
fees. Independent of the HVB acquisition, other expenses increased
due to insurance reimbursement received in 2023 to cover amounts
previously charged-off through expense. Merger and acquisitions
costs for the HVB acquisition totaled $9,269,000 in 2023 and included professional and
consulting fees, printing, travel, contract termination payments
and severance-related expenses.
- The provision for income taxes increased $2,161,000 when comparing 2024 to 2023 as a
result of an increase in income before income tax of $12,168,000.
Three Months Ended December 31,
2024 Compared to December 31,
2023
- For the three months ended December 31,
2024, net income totaled $7,983,000 which compares to net income of
$7,540,000 for the comparable period
of 2023, an increase of $443,000.
Basic and diluted earnings per share of $1.68 for the three months ended December 31, 2024 compares to $1.59 for the 2023 comparable period. Annualized
return on equity for the three months ended December 31, 2024 and 2023 was 10.63% and 11.29%,
while annualized return on assets was 1.06% and 1.01%,
respectively.
- Net interest income before the provision for credit loss for
the three months ended December 31,
2024 totaled $22,873,000
compared to $21,855,000 for the three
months ended December 31, 2023,
resulting in an increase of $1,018,000, or 4.7%. Average interest earning
assets increased $20.3 million for
the three months ended December 31,
2024 compared to the same period last year due to organic
growth. Average loans increased $35.8
million while average investment securities decreased
$14.0 million. The tax effected net
interest margin for the three months ended December 31, 2024 was 3.26% compared to 3.13% for
the same period last year, which was impacted by the increase in
the average yield on interest earning assets of 16 basis points, to
5.65%.
- There was no provision for credit losses recorded during the
three months ended December 31, 2024
compared to a provision of credit losses of $200,000 for the three months ended December 31, 2023. The decrease in the provision
is due to lower loan growth in the fourth quarter of 2024 compared
to the same period in 2023.
- Total non-interest income was $3,339,000 for the three months ended
December 31, 2024, which is
$150,000 less than for the comparable
period last year. The primary driver was the decrease in gains on
loans sold.
- Total non-interest expenses for the three months ended
December 31, 2024 totaled
$16,668,000 compared to $15,920,000 for the same period last year, which
is an increase of $748,000. Salaries
and benefits increased $333,000 due
primarily an increase in profit sharing expense accrued based on
financial results for 2024. Pennsylvania shares tax increased due to the
increased size of the Bank and timing and amount contributions that
provide tax credits utilized as a reduction of the expense.
- The provision for income taxes decreased $123,000 when comparing the three months ended
December 31, 2024 to the same period
in 2023 primarily due to tax credits and activity associated with
our investments in various low income housing partnerships, as a
third investment started to provide credits in the fourth quarter
of 2024. The effective tax rate was 16.4% and 18.3% for the three
months ended December 31, 2024 and
2023, respectively.
Balance Sheet and Other Information:
- At December 31, 2024, total
assets were $3.03 billion, compared
to $2.98 billion at December 31, 2023. The loan to deposit ratio as
of December 31, 2024 was 97.11%
compared to 96.87% as of December 31,
2023.
- Available for sale securities of $425.9
million at December 31, 2024
increased $8.3 million from
December 31, 2023. The yield on the
investment portfolio increased from 2.20% to 2.44% on a tax
equivalent basis due to securities purchased during a higher rate
environment and lower yielding securities maturing. During 2024, we
purchased $70.4 million of
investments, which offset the $62.9
million of investments that matured or were called during
2024.
- Net loans as of December 31, 2024
totaled $2.29 billion an increase of
$63.9 million from December 31, 2023, due to primarily to an
increase in student loans outstanding. Loans would have increased
an additional $6.1 million, if not
for the Braavo disposition.
- The allowance for credit losses - loans totaled $21,699,000 at December
31, 2024 which is an increase of $546,000 from December 31,
2023. The increase is due to change in expected prepayment
speeds, changes in economic forecasts and an increase in past due
and substandard loans. The provision for credit losses on loans was
$3,176,000 for 2024 compared to
$901,000 for 2023. Loan recoveries
and charge-offs were $43,000 and
$2,673,000, respectively, 2024 with
the majority of the charge-offs associated with loans acquired as
part of the HVB acquisition. If the Braavo charge-offs were
excluded, charge-offs as a percent of average loans would decrease
from 0.11% to 0.01%. The allowance as a percent of total loans was
0.94% as of December 31, 2024 and
2023.
- Non-performing assets totaled $28.6
million as of December 31,
2024, an increase of $15.4
million since December 31,
2023. The increase was driven by eight large commercial
relationships being placed on non-accrual status during 2024. Six
of these relationships were acquired as part of the HVB
acquisition. Several of the loans matured and took an extended
period of time to be underwritten and extended in accordance with
Company policies during which time payments were not received
resulting the loans being placed on non-accrual status. Several
relationships have started making payments under revised terms. Of
these relationships, three required specific reserves as of
December 31, 2024, which totaled
approximately $459,000. Accruing
loans past due 30-89 days totaled $8.0
million, a decrease of $2.4
million from December 31, 2023
that was driven by loans transferred to non-accrual status during
2024.
- Deposits increased $60.5 million
from December 31, 2023, to
$2.38 billion at December 31, 2024. With the rise in market
interest rates, competitive pressure for deposits continues to be
at the forefront. Additionally, we have numerous state and
political organization depositors with seasonal funding timelines.
During 2024, brokered certificates of deposit decreased
$16.2 million to $93.1 million. At December
31, 2024, the Bank estimates that deposit balances held by
customers in excess of the FDIC insurance limit ($250,000 per insured account) totaled
$1.16 billion, or 48.7% of the Bank's
total deposits. Included in this balance are balances held through
Intrafi, which provides customers with additional FDIC insurance,
as well as deposits collateralized by securities or letters of
credit (almost exclusively municipal deposits). The total of these
items was $638.6 million, or 26.8% of
the Bank's total deposits, as of December
31, 2024.
- Stockholders' equity totaled $299.7
million at December 31, 2024,
compared to $279.7 million at
December 31, 2023, an increase of
$20.1 million. Excluding accumulated
other comprehensive loss (AOCL), stockholders' equity increased
$18.7 million to $323.3 million at December
31, 2024. The increase in stockholders' equity, excluding
AOCL, was attributable to net income for 2024 totaling $27.8 million, offset by cash dividends for 2024
totaling $9.3 million, net treasury
stock activity of $412,000. As a
result of decreases in market interest rates impacting the fair
value of investment securities and swaps, AOCL decreased
$1.4 million from December 31, 2023.
Dividend Declared
On December 3, 2024, the Board of
Directors declared a cash dividend of $0.49 per share, which was paid on December 27, 2024 to shareholders of record at
the close of business on December 13,
2024. The quarterly cash dividend is an increase of 1.0%
over the regular cash dividend of $0.485 per share declared one year ago, as
adjusted for the 1% stock dividend declared in June 2024.
Citizens Financial Services, Inc. has nearly 1,850 shareholders,
the majority of whom reside in markets where its offices are
located.
Note: This press release may contain forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. These statements are not historical facts;
rather, they are statements based on the Company's current
expectations regarding its business strategies and their intended
results and its future performance. Forward-looking
statements are preceded by terms such as "expects," "believes,"
"anticipates," "intends" and similar expressions.
Forward-looking statements are not guarantees of future
performance. Numerous risks and uncertainties could cause or
contribute to the Company's actual results, performance and
achievements to be materially different from those expressed or
implied by the forward-looking statements. Factors that may cause
or contribute to these differences include, without limitation,
changes in general economic conditions, including changes in market
interest rates and changes in monetary and fiscal policies of the
federal government; legislative and regulatory changes; and other
factors disclosed periodically in the Company's filings with the
Securities and Exchange Commission. Because of the risks and
uncertainties inherent in forward-looking statements, readers are
cautioned not to place undue reliance on them, whether included in
this press release or made elsewhere periodically by the Company or
on its behalf. The Company assumes no obligation to update
any forward-looking statements except as may be required by
applicable law or regulation.
(1) See reconciliation of GAAP and non-GAAP measures at
the end of the press release
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
|
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|
CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
As of or For
The
|
As of or For
The
|
|
Three Months
Ended
|
Year Ended
|
|
December 31,
|
December 31,
|
|
2024
|
2023
|
2024
|
2023
|
|
Income and
Performance Ratios
|
|
|
|
|
|
Net Income
|
$
7,983
|
$
7,540
|
$
27,818
|
$
17,811
|
|
Return on average
assets (annualized)
|
1.06 %
|
1.01 %
|
0.93 %
|
0.67 %
|
|
Return on average
equity (annualized)
|
10.63 %
|
11.29 %
|
9.59 %
|
7.39 %
|
|
Return on average
tangible equity (annualized) (a)
|
15.10 %
|
16.88 %
|
13.84 %
|
10.00 %
|
|
Net interest margin
(tax equivalent) (a)
|
3.26 %
|
3.13 %
|
3.13 %
|
3.21 %
|
|
Earnings per share -
basic (b)
|
$
1.68
|
$
1.59
|
$
5.86
|
$
4.02
|
|
Earnings per share -
diluted (b)
|
$
1.68
|
$
1.59
|
$
5.85
|
$
4.02
|
|
Cash dividends paid per
share (b)
|
$
0.490
|
$
0.485
|
$
1.950
|
$
1.920
|
|
Number of shares used
in computation - basic (b)
|
4,750,062
|
4,746,719
|
4,750,185
|
4,429,162
|
|
Number of shares used
in computation - diluted (b)
|
4,752,505
|
4,746,720
|
4,755,066
|
4,429,162
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality
|
|
|
|
|
|
Allowance for credit
losses - loans
|
$
21,699
|
$
21,153
|
|
|
|
Non-performing
assets
|
$
28,612
|
$
13,177
|
|
|
|
Allowance for credit
losses - loans to total loans
|
0.94 %
|
0.94 %
|
|
|
|
Non-performing assets
to total loans
|
1.24 %
|
0.59 %
|
|
|
|
Annualized net
charge-offs to total loans
|
0.01 %
|
0.09 %
|
0.11 %
|
0.06 %
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Book value per share
(b)
|
$
62.97
|
$
58.83
|
|
|
|
Tangible Book value per
share (a) (b)
|
$
44.35
|
$
40.02
|
|
|
|
Market Value (Last
reported trade of month)
|
$
63.31
|
$
64.72
|
|
|
|
Common shares
outstanding
|
4,759,612
|
4,706,994
|
|
|
|
|
|
|
|
|
|
|
|
|
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Other
|
|
|
|
|
|
Average Full Time
Equivalent Employees
|
388.5
|
395.3
|
392.0
|
357.7
|
|
Loan to Deposit
Ratio
|
97.11 %
|
96.87 %
|
|
|
|
Trust assets under
management
|
$
180,710
|
$ 167,894
|
|
|
|
Brokerage assets under
management
|
$
395,869
|
$ 329,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Highlights
|
December
31,
|
December 31,
|
|
|
|
2024
|
2023
|
|
|
|
|
|
|
|
|
Assets
|
$
3,025,724
|
$
2,975,321
|
|
|
|
Investment
securities
|
427,659
|
419,539
|
|
|
|
Loans (net of unearned
income)
|
2,313,242
|
2,248,836
|
|
|
|
Allowance for credit
losses - loans
|
21,699
|
21,153
|
|
|
|
Deposits
|
2,382,028
|
2,321,481
|
|
|
|
Stockholders'
Equity
|
299,734
|
279,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See
reconcilation of GAAP and Non-GAAP measures at the end of the press
release
|
|
|
|
(b) Prior period
amounts were adjusted to reflect stock dividends.
|
|
|
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
|
|
CONSOLIDATED BALANCE
SHEET
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
December
31,
|
December 31,
|
|
(in thousands except
share data)
|
2024
|
2023
|
|
ASSETS:
|
|
|
|
Cash and due from
banks:
|
|
|
|
Noninterest-bearing
|
$
30,284
|
$
37,733
|
|
Interest-bearing
|
11,918
|
15,085
|
|
Total cash and cash
equivalents
|
42,202
|
52,818
|
|
|
|
|
Interest bearing time
deposits with other banks
|
3,820
|
4,070
|
|
|
|
|
Equity
securities
|
1,747
|
1,938
|
|
|
|
|
Available-for-sale
securities
|
425,912
|
417,601
|
|
|
|
|
Loans held for
sale
|
9,607
|
9,379
|
|
|
|
|
Loans (net of allowance
for credit losses - loans: $21,699 at December 31,
2024;
|
|
|
|
$21,153 at December 31, 2023)
|
2,291,543
|
2,227,683
|
|
|
|
|
Premises and
equipment
|
21,395
|
21,384
|
|
Accrued interest
receivable
|
10,307
|
11,043
|
|
Goodwill
|
85,758
|
85,758
|
|
Bank owned life
insurance
|
50,341
|
49,897
|
|
Other
intangibles
|
2,892
|
3,650
|
|
Fair value of
derivative instruments - asset
|
10,370
|
13,687
|
|
Deferred tax
asset
|
15,199
|
17,339
|
|
Other assets
|
54,631
|
59,074
|
|
|
|
|
TOTAL
ASSETS
|
$
3,025,724
|
$
2,975,321
|
|
|
|
|
LIABILITIES:
|
|
|
|
Deposits:
|
|
|
|
Noninterest-bearing
|
$
532,776
|
$
523,784
|
|
Interest-bearing
|
1,849,252
|
1,797,697
|
|
Total
deposits
|
2,382,028
|
2,321,481
|
|
Borrowed
funds
|
297,721
|
322,036
|
|
Accrued interest
payable
|
4,693
|
4,298
|
|
Fair value of
derivative instruments - liability
|
5,817
|
7,922
|
|
Other
liabilities
|
35,731
|
39,918
|
|
TOTAL
LIABILITIES
|
2,725,990
|
2,695,655
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Preferred Stock $1.00
par value; authorized
|
|
|
|
3,000,000
shares; none issued in 2024 or 2023
|
-
|
-
|
|
Common stock
|
|
|
|
$1.00 par value;
authorized 25,000,000 shares at December 31, 2024, and
2023:
|
|
|
|
issued
5,207,577 at December 31, 2024 and 5,160,754 at December 31,
2023
|
5,208
|
5,161
|
|
Additional paid-in
capital
|
144,984
|
143,233
|
|
Retained
earnings
|
189,443
|
172,975
|
|
Accumulated other
comprehensive loss
|
(23,521)
|
(24,911)
|
|
Treasury stock, at
cost: 447,965 at December 31, 2024 and 453,760
shares
|
|
|
|
at December 31,
2023
|
(16,380)
|
(16,792)
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
299,734
|
279,666
|
|
TOTAL LIABILITIES
AND
|
|
|
|
STOCKHOLDERS' EQUITY
|
$
3,025,724
|
$
2,975,321
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
|
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
Three Months
Ended
|
Year
Ended
|
|
December 31,
|
December 31,
|
|
(in thousands,
except share and per share data)
|
2024
|
2023
|
2024
|
2023
|
|
INTEREST
INCOME:
|
|
|
|
|
|
Interest and fees on
loans
|
$ 36,630
|
$
35,637
|
$
142,688
|
$
116,075
|
|
Interest-bearing
deposits with banks
|
156
|
274
|
851
|
736
|
|
Investment
securities:
|
|
|
|
|
|
Taxable
|
2,112
|
1,663
|
7,135
|
6,636
|
|
Nontaxable
|
524
|
535
|
2,093
|
2,264
|
|
Dividends
|
371
|
403
|
1,550
|
1,407
|
|
TOTAL INTEREST
INCOME
|
39,793
|
38,512
|
154,317
|
127,118
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
Deposits
|
13,875
|
12,180
|
52,326
|
31,699
|
|
Borrowed
funds
|
3,045
|
4,477
|
15,536
|
15,159
|
|
TOTAL INTEREST
EXPENSE
|
16,920
|
16,657
|
67,862
|
46,858
|
|
NET INTEREST
INCOME
|
22,873
|
21,855
|
86,455
|
80,260
|
|
Provision for credit
losses
|
-
|
200
|
2,587
|
937
|
|
Provision for credit
losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
4,591
|
|
NET INTEREST INCOME
AFTER
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES
|
22,873
|
21,655
|
83,868
|
74,732
|
|
NON-INTEREST
INCOME:
|
|
|
|
|
|
Service
charges
|
1,356
|
1,443
|
5,749
|
5,639
|
|
Trust
|
187
|
181
|
816
|
764
|
|
Brokerage and
insurance
|
608
|
495
|
2,381
|
1,924
|
|
Gains on loans
sold
|
596
|
737
|
2,316
|
1,464
|
|
Equity security gains
(losses), net
|
18
|
79
|
145
|
(144)
|
|
Available for sale
security losses, net
|
-
|
-
|
-
|
(51)
|
|
Earnings on bank owned
life insurance
|
350
|
313
|
1,684
|
1,254
|
|
Gain on sale of Braavo
division
|
-
|
-
|
1,102
|
-
|
|
Other
|
224
|
241
|
1,208
|
755
|
|
TOTAL NON-INTEREST
INCOME
|
3,339
|
3,489
|
15,401
|
11,605
|
|
NON-INTEREST
EXPENSES:
|
|
|
|
|
|
Salaries and employee
benefits
|
9,725
|
9,392
|
39,347
|
34,990
|
|
Occupancy
|
1,208
|
1,253
|
5,013
|
4,123
|
|
Furniture and
equipment
|
247
|
254
|
1,038
|
822
|
|
Professional
fees
|
578
|
688
|
2,599
|
1,962
|
|
FDIC insurance
expense
|
407
|
475
|
1,996
|
1,475
|
|
Pennsylvania shares
tax
|
248
|
(310)
|
1,114
|
583
|
|
Amortization of
intangibles
|
132
|
154
|
564
|
373
|
|
Software
expenses
|
445
|
510
|
1,953
|
1,784
|
|
ORE (recovery)
expenses
|
(34)
|
40
|
212
|
166
|
|
Merger and acquisition
expenses
|
-
|
-
|
-
|
9,269
|
|
Other
|
3,712
|
3,464
|
11,750
|
9,275
|
|
TOTAL NON-INTEREST
EXPENSES
|
16,668
|
15,920
|
65,586
|
64,822
|
|
Income before provision
for income taxes
|
9,544
|
9,224
|
33,683
|
21,515
|
|
Provision for income
tax expense
|
1,561
|
1,684
|
5,865
|
3,704
|
|
NET
INCOME
|
$
7,983
|
$
7,540
|
$ 27,818
|
$
17,811
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
Net Income -
Basic
|
$
1.68
|
$
1.59
|
$
5.86
|
$
4.02
|
|
Net Income -
Diluted
|
$
1.68
|
$
1.59
|
$
5.85
|
$
4.02
|
|
Cash Dividends
Paid
|
$
0.490
|
$
0.485
|
$
1.950
|
$ 1.920
|
|
|
|
|
|
|
Number of shares used
in computation - basic
|
4,750,062
|
4,746,719
|
4,750,185
|
4,429,162
|
|
Number of shares used
in computation - diluted
|
4,752,505
|
4,746,720
|
4,755,066
|
4,429,162
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
|
|
|
|
|
QUARTERLY CONDENSED,
CONSOLIDATED INCOME STATEMENT INFORMATION
|
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
(in thousands,
except per share data)
|
|
Three Months
Ended,
|
|
|
|
Dec
31,
|
Sept 30,
|
June 30,
|
March 31,
|
Dec 31,
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
|
Interest
income
|
$ 39,793
|
$ 38,689
|
$ 37,902
|
$ 37,933
|
$ 38,512
|
|
Interest
expense
|
16,920
|
17,365
|
16,602
|
16,975
|
16,657
|
|
Net interest
income
|
22,873
|
21,324
|
21,300
|
20,958
|
21,855
|
|
Provision (negative)
for credit losses
|
-
|
(200)
|
2,002
|
785
|
200
|
|
Net interest income
after provision (negative) for credit losses
|
22,873
|
21,524
|
19,298
|
20,173
|
21,655
|
|
Non-interest
income
|
3,321
|
3,596
|
3,423
|
4,916
|
3,410
|
|
Investment
securities gains (losses), net
|
18
|
159
|
(87)
|
55
|
79
|
|
Non-interest
expenses
|
16,668
|
16,029
|
16,246
|
16,643
|
15,920
|
|
Income before
provision for income taxes
|
9,544
|
9,250
|
6,388
|
8,501
|
9,224
|
|
Provision for income
tax expense
|
1,561
|
1,714
|
1,113
|
1,477
|
1,684
|
|
Net
income
|
$
7,983
|
$
7,536
|
$
5,275
|
$
7,024
|
$
7,540
|
|
Earnings Per Share -
Basic
|
$
1.68
|
$
1.59
|
$
1.11
|
$
1.48
|
$
1.59
|
|
Earnings Per Share -
Diluted
|
$
1.68
|
$
1.59
|
$
1.11
|
$
1.48
|
$
1.59
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
CONSOLIDATED AVERAGE
BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A
FULLY TAX-EQUIVALENT BASIS
|
|
(UNAUDITED)
|
|
|
Three Months Ended
December 31,
|
|
2024
|
2023
|
|
Average
|
|
Average
|
Average
|
|
Average
|
|
Balance
(1)
|
Interest
|
Rate
|
Balance (1)
|
Interest
|
Rate
|
|
(dollars in
thousands)
|
$
|
$
|
%
|
$
|
$
|
%
|
|
ASSETS
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
17,680
|
126
|
2.84
|
18,507
|
239
|
5.12
|
|
Interest bearing time
deposits at banks
|
3,820
|
30
|
3.12
|
4,410
|
35
|
3.06
|
|
Investment
securities:
|
|
|
|
|
|
|
|
Taxable
|
368,221
|
2,483
|
2.70
|
377,292
|
2,066
|
2.19
|
|
Tax-exempt
(3)
|
103,375
|
664
|
2.57
|
108,353
|
678
|
2.50
|
|
Investment
securities
|
471,596
|
3,147
|
2.67
|
485,645
|
2,744
|
2.26
|
|
Loans:
(2)(3)(4)
|
|
|
|
|
|
|
|
Residential
mortgage loans
|
355,108
|
5,146
|
5.77
|
358,735
|
5,120
|
5.66
|
|
Construction
loans
|
173,427
|
3,276
|
7.51
|
197,420
|
3,653
|
7.34
|
|
Commercial
Loans
|
1,248,114
|
19,716
|
6.28
|
1,208,249
|
19,482
|
6.40
|
|
Agricultural
Loans
|
355,557
|
5,275
|
5.90
|
339,720
|
4,302
|
5.02
|
|
Loans to state
& political subdivisions
|
55,333
|
555
|
3.99
|
56,710
|
562
|
3.93
|
|
Other
loans
|
139,567
|
2,770
|
7.90
|
130,468
|
2,627
|
7.99
|
|
Loans, net of
discount (2)(3)(4)
|
2,327,106
|
36,738
|
6.28
|
2,291,302
|
35,746
|
6.19
|
|
Total
interest-earning assets
|
2,820,202
|
40,041
|
5.65
|
2,799,864
|
38,764
|
5.49
|
|
Cash and due from
banks
|
9,088
|
|
|
11,215
|
|
|
|
Bank premises and
equipment
|
21,291
|
|
|
21,446
|
|
|
|
Other assets
|
186,815
|
|
|
191,231
|
|
|
|
Total non-interest
earning assets
|
217,194
|
|
|
223,892
|
|
|
|
Total
assets
|
3,037,396
|
|
|
3,023,756
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
NOW
accounts
|
759,604
|
4,648
|
2.43
|
816,067
|
5,344
|
2.60
|
|
Savings
accounts
|
289,798
|
367
|
0.50
|
312,575
|
417
|
0.53
|
|
Money market
accounts
|
422,624
|
3,351
|
3.15
|
400,971
|
2,910
|
2.88
|
|
Certificates of
deposit
|
544,320
|
5,509
|
4.03
|
401,932
|
3,509
|
3.46
|
|
Total interest-bearing
deposits
|
2,016,346
|
13,875
|
2.74
|
1,931,545
|
12,180
|
2.50
|
|
Other borrowed
funds
|
273,604
|
3,045
|
4.43
|
351,492
|
4,477
|
5.05
|
|
Total
interest-bearing liabilities
|
2,289,950
|
16,920
|
2.94
|
2,283,037
|
16,657
|
2.89
|
|
Demand
deposits
|
395,714
|
|
|
389,927
|
|
|
|
Other
liabilities
|
29,545
|
|
|
46,888
|
|
|
|
Total
non-interest-bearing liabilities
|
425,259
|
|
|
436,815
|
|
|
|
Stockholders'
equity
|
322,187
|
|
|
303,904
|
|
|
|
Total liabilities
& stockholders' equity
|
3,037,396
|
|
|
3,023,756
|
|
|
|
Net interest
income
|
|
23,121
|
|
|
22,107
|
|
|
Net interest spread
(5)
|
|
|
2.71 %
|
|
|
2.60 %
|
|
Net interest income as
a percentage
|
|
|
|
|
|
|
|
of average
interest-earning assets
|
|
|
3.26 %
|
|
|
3.13 %
|
|
Ratio of
interest-earning assets
|
|
|
|
|
|
|
|
to
interest-bearing liabilities
|
|
|
123 %
|
|
|
123 %
|
|
|
|
|
|
|
|
|
(1) Averages are based
on daily averages.
|
|
|
|
|
|
|
|
(2) Includes loan
origination and commitment fees.
|
|
|
|
|
|
|
|
(3) Tax exempt interest
revenue is shown on a tax equivalent basis for proper comparison
using
|
|
a statutory
federal income tax rate of 21% for 2024 and 2023. See
reconciliation of GAAP and non-gaap measures at the
end
|
|
of the press
release
|
|
|
|
|
(4) Income on
non-accrual loans is accounted for on a cash basis, and the loan
balances are included in interest-earning assets.
|
|
(5) Interest rate
spread represents the difference between the average rate earned on
interest-earning assets
|
|
and the average rate
paid on interest-bearing liabilities.
|
|
|
|
|
|
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
CONSOLIDATED AVERAGE
BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A
FULLY TAX-EQUIVALENT BASIS
|
|
(UNAUDITED)
|
|
|
Year Ended December
31,
|
|
2024
|
2023
|
|
Average
|
|
Average
|
Average
|
|
Average
|
|
Balance
(1)
|
Interest
|
Rate
|
Balance (1)
|
Interest
|
Rate
|
|
(dollars in
thousands)
|
$
|
$
|
%
|
$
|
$
|
%
|
|
ASSETS
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
28,264
|
730
|
2.58
|
24,470
|
572
|
2.34
|
|
Interest bearing time
deposits at banks
|
3,878
|
121
|
3.09
|
5,255
|
164
|
3.10
|
|
Investment
securities:
|
|
|
|
|
|
|
|
Taxable
|
359,724
|
8,685
|
2.41
|
383,241
|
8,043
|
2.10
|
|
Tax-exempt
(3)
|
105,141
|
2,650
|
2.52
|
112,806
|
2,866
|
2.54
|
|
Investment
securities
|
464,865
|
11,335
|
2.44
|
496,047
|
10,909
|
2.20
|
|
Loans:
(2)(3)(4)
|
|
|
|
|
|
|
|
Residential
mortgage loans
|
356,292
|
20,758
|
5.83
|
290,971
|
15,918
|
5.47
|
|
Construction
loans
|
182,714
|
13,607
|
7.45
|
135,315
|
9,485
|
7.01
|
|
Commercial
Loans
|
1,242,182
|
78,912
|
6.35
|
1,081,488
|
64,561
|
5.97
|
|
Agricultural
Loans
|
350,588
|
18,978
|
5.41
|
342,980
|
17,061
|
4.97
|
|
Loans to state
& political subdivisions
|
55,919
|
2,213
|
3.96
|
59,308
|
2,299
|
3.88
|
|
Other
loans
|
107,656
|
8,654
|
8.04
|
94,519
|
7,204
|
7.62
|
|
Loans, net of
discount (2)(3)(4)
|
2,295,351
|
143,122
|
6.24
|
2,004,581
|
116,528
|
5.81
|
|
Total
interest-earning assets
|
2,792,358
|
155,308
|
5.56
|
2,530,353
|
128,173
|
5.07
|
|
Cash and due from
banks
|
9,306
|
|
|
9,341
|
|
|
|
Bank premises and
equipment
|
21,124
|
|
|
19,871
|
|
|
|
Other assets
|
183,674
|
|
|
139,474
|
|
|
|
Total non-interest
earning assets
|
214,104
|
|
|
168,686
|
|
|
|
Total
assets
|
3,006,462
|
|
|
2,699,039
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
NOW
accounts
|
765,445
|
19,205
|
2.51
|
666,505
|
13,396
|
2.01
|
|
Savings
accounts
|
296,275
|
1,532
|
0.52
|
318,299
|
1,314
|
0.41
|
|
Money market
accounts
|
397,942
|
12,482
|
3.14
|
364,385
|
8,713
|
2.39
|
|
Certificates of
deposit
|
481,862
|
19,107
|
3.97
|
328,553
|
8,276
|
2.52
|
|
Total interest-bearing
deposits
|
1,941,524
|
52,326
|
2.70
|
1,677,742
|
31,699
|
1.89
|
|
Other borrowed
funds
|
323,409
|
15,536
|
4.80
|
326,577
|
15,159
|
4.64
|
|
Total
interest-bearing liabilities
|
2,264,933
|
67,862
|
3.00
|
2,004,319
|
46,858
|
2.34
|
|
Demand
deposits
|
385,702
|
|
|
382,979
|
|
|
|
Other
liabilities
|
40,593
|
|
|
38,419
|
|
|
|
Total
non-interest-bearing liabilities
|
426,295
|
|
|
421,398
|
|
|
|
Stockholders'
equity
|
315,234
|
|
|
273,322
|
|
|
|
Total liabilities
& stockholders' equity
|
3,006,462
|
|
|
2,699,039
|
|
|
|
Net interest
income
|
|
87,446
|
|
|
81,315
|
|
|
Net interest spread
(5)
|
|
|
2.56 %
|
|
|
2.73 %
|
|
Net interest income as
a percentage
|
|
|
|
|
|
|
|
of average
interest-earning assets
|
|
|
3.13 %
|
|
|
3.21 %
|
|
Ratio of
interest-earning assets
|
|
|
|
|
|
|
|
to
interest-bearing liabilities
|
|
|
123 %
|
|
|
126 %
|
|
|
|
|
|
|
|
|
(1) Averages are based
on daily averages.
|
|
|
|
|
|
|
|
(2) Includes loan
origination and commitment fees.
|
|
|
|
|
|
|
|
(3) Tax exempt interest
revenue is shown on a tax equivalent basis for proper comparison
using
|
|
a statutory
federal income tax rate of 21% for 2024 and 2023. See
reconciliation of GAAP and non-gaap measures at the
end
|
|
of the press
release
|
|
|
|
|
(4) Income on
non-accrual loans is accounted for on a cash basis, and the loan
balances are included in interest-earning assets.
|
|
(5) Interest rate
spread represents the difference between the average rate earned on
interest-earning assets
|
|
and the average rate
paid on interest-bearing liabilities.
|
|
|
|
|
|
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
CONSOLIDATED SUMMARY
OF LOANS BY TYPE; NON-PERFORMING ASSETS; and ALLOWANCE FOR CREDIT
LOSSES
|
|
(UNAUDITED)
|
|
|
|
|
|
|
(Excludes Loans Held
for Sale)
|
|
|
|
|
|
|
(In
Thousands)
|
|
|
|
|
|
|
December
31,
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
|
Real estate:
|
|
|
|
|
|
|
Residential
|
$
351,398
|
$
353,254
|
$
354,588
|
$ 357,779
|
$ 359,990
|
|
Commercial
|
1,121,435
|
1,110,548
|
1,110,269
|
1,115,900
|
1,092,887
|
|
Agricultural
|
327,722
|
331,734
|
327,057
|
318,413
|
314,802
|
|
Construction
|
164,326
|
178,706
|
180,157
|
184,506
|
195,826
|
|
Consumer
|
133,207
|
143,064
|
70,542
|
53,101
|
61,316
|
|
Other commercial
loans
|
131,310
|
134,285
|
130,851
|
129,438
|
136,168
|
|
Other agricultural
loans
|
29,662
|
24,537
|
26,247
|
24,345
|
30,673
|
|
State & political
subdivision loans
|
54,182
|
54,874
|
56,005
|
56,177
|
57,174
|
|
Total loans
|
2,313,242
|
2,331,002
|
2,255,716
|
2,239,659
|
2,248,836
|
|
Less: allowance for
credit losses - loans
|
21,699
|
21,695
|
22,797
|
21,598
|
21,153
|
|
Net loans
|
$ 2,291,543
|
$
2,309,307
|
$
2,232,919
|
$
2,218,061
|
$
2,227,683
|
|
|
|
|
|
|
|
Past due and
non-performing assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans past due
30-89 days and still accruing
|
$
8,015
|
$
7,423
|
$
20,652
|
$
6,311
|
$
10,457
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
25,701
|
$
20,858
|
$
14,949
|
$
14,693
|
$
12,187
|
|
Loans past due 90 days
or more and accruing
|
276
|
701
|
285
|
820
|
516
|
|
Non-performing
loans
|
$
25,977
|
$
21,559
|
$
15,234
|
$
15,513
|
$
12,703
|
|
Other real estate
owned
|
2,635
|
2,486
|
2,690
|
200
|
474
|
|
Total Non-performing
assets
|
$
28,612
|
$
24,045
|
$
17,924
|
$
15,713
|
$
13,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Analysis of the
Allowance for Credit Losses - Loans
|
December
31,
|
September
30,
|
June 30,
|
March 31,
|
December 31,
|
|
(In
Thousands)
|
2024
|
2024
|
2024
|
2024
|
2023
|
|
Balance, beginning of
period
|
$
21,695
|
$
22,797
|
$
21,598
|
$
21,153
|
$
21,455
|
|
Charge-offs
|
(105)
|
(1,212)
|
(682)
|
(674)
|
(510)
|
|
Recoveries
|
19
|
10
|
7
|
7
|
8
|
|
Net (charge-offs)
recoveries
|
(86)
|
(1,202)
|
(675)
|
(667)
|
(502)
|
|
Provision for credit
losses - loans
|
90
|
100
|
1,874
|
1,112
|
200
|
|
Balance, end of
period
|
$
21,699
|
$
21,695
|
$
22,797
|
$
21,598
|
$
21,153
|
|
CITIZENS FINANCIAL
SERVICES, INC.
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Financial Measures
|
|
(UNAUDITED)
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
December 31,
|
|
|
|
2024
|
2023
|
|
|
|
Tangible
Equity
|
|
|
|
|
|
Stockholders Equity -
GAAP
|
$
299,734
|
$
279,666
|
|
|
|
Intangible
Assets
|
(88,650)
|
(89,408)
|
|
|
|
Tangible Equity -
Non-GAAP
|
211,084
|
190,258
|
|
|
|
Shares outstanding
adjusted for June 2024 stock Dividend
|
4,759,612
|
4,753,583
|
|
|
|
Tangible Book value per
share - Non-GAAP
|
$
44.35
|
$
40.02
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
December 31,
|
|
|
|
2024
|
2023
|
|
|
|
Tangible Equity per
share
|
|
|
|
|
|
Stockholders Equity per
share - GAAP
|
$
62.97
|
$
58.83
|
|
|
|
Adjustment for
intangible assets
|
(18.62)
|
(18.81)
|
|
|
|
Tangible Book value per
share - Non-GAAP
|
$
44.35
|
$
40.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Year
Ended
|
|
December 31,
|
December 31,
|
|
2024
|
2023
|
2024
|
2023
|
|
Return on Average
Assets Excluding Accumulated Other Comprehensive Loss
(AOCL)
|
|
|
|
|
|
Average Stockholders
Equity - GAAP
|
$
3,015,467
|
$
2,987,084
|
$
2,981,322
|
$ 2,666,841
|
|
Average AOCL
|
(21,929)
|
(36,672)
|
(25,140)
|
(32,198)
|
|
Average Assets,
Excluding AOCL - Non-GAAP
|
3,037,396
|
3,023,756
|
3,006,462
|
2,699,039
|
|
Net Income -
GAAP
|
$
7,983
|
$
7,540
|
$
27,818
|
$
17,811
|
|
Annualized Return on
Average Assets-GAAP
|
1.06 %
|
1.01 %
|
0.93 %
|
0.67 %
|
|
Annualized Return on
Average Assets, Excluding AOCL - Non-GAAP
|
1.05 %
|
1.00 %
|
0.93 %
|
0.66 %
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Year
Ended
|
|
December 31,
|
December 31,
|
|
2024
|
2023
|
2024
|
2023
|
|
Return on Average
Equity Excluding Accumulated Other Comprehensive Loss
(AOCL)
|
|
|
|
|
|
Average Stockholders
Equity - GAAP
|
$
300,258
|
$
267,232
|
$
290,094
|
$
241,124
|
|
Average AOCL
|
(21,929)
|
(36,672)
|
(25,140)
|
(32,198)
|
|
Average Stockholder's
Equity, Excluding AOCL - Non-GAAP
|
322,187
|
303,904
|
315,234
|
273,322
|
|
Net Income -
GAAP
|
$
7,983
|
$
7,540
|
$
27,818
|
$
17,811
|
|
Annualized Return on
Average Stockholder's Equity-GAAP
|
10.63 %
|
11.29 %
|
9.59 %
|
7.39 %
|
|
Annualized Return on
Average Stockholder's Equity, Excluding AOCL - Non-GAAP
|
9.91 %
|
9.93 %
|
8.82 %
|
6.52 %
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Year
Ended
|
|
December 31,
|
December 31,
|
|
2024
|
2023
|
2024
|
2023
|
|
Return on Average
Tangible Equity
|
|
|
|
|
|
Average Stockholders
Equity - GAAP
|
$
300,258
|
$
267,232
|
$
290,094
|
$
241,124
|
|
Average Intangible
Assets
|
(88,757)
|
(88,536)
|
(89,031)
|
(62,993)
|
|
Average Tangible Equity
- Non-GAAP
|
211,501
|
178,696
|
201,063
|
178,131
|
|
Net Income -
GAAP
|
$
7,983
|
$
7,540
|
$
27,818
|
$
17,811
|
|
Annualized Return on
Average Tangible Equity Non-GAAP
|
15.10 %
|
16.88 %
|
13.84 %
|
10.00 %
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Year
Ended
|
|
December 31,
|
December 31,
|
|
2024
|
2023
|
2024
|
2023
|
|
Return on Average
Assets and Equity Excluding sale of Braavo assets, net of legal
fees, provision associated with Braavo loans remaining after
sale and merger and acquisition costs
|
|
|
|
|
|
Net Income -
GAAP
|
$
7,983
|
$
7,540
|
$
27,818
|
$
17,811
|
|
After tax gain on sale
of Braavo, net of legal fees
|
-
|
-
|
(712)
|
-
|
|
After tax provisision
associatated with Braavo loans remaining after sale
|
-
|
-
|
1,427
|
-
|
|
After tax provision for
credit losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
3,627
|
|
After Tax merger and
acquisition costs
|
-
|
-
|
-
|
7,513
|
|
Net Income excluding
merger and acquisition costs - Non-GAAP
|
$
7,983
|
$
7,540
|
$
28,533
|
$
28,951
|
|
Average
Assets
|
3,015,467
|
2,987,084
|
2,981,322
|
2,666,841
|
|
Annualized Return on
Average assets, Excluding sale of Braavo assets, net of legal fees,
provision associated with Braavo loans remaining after sale, net of
tax and merger and acquisition costs -
Non-GAAP
|
1.06 %
|
1.01 %
|
0.96 %
|
1.09 %
|
|
|
|
|
|
|
Average Stockholders
Equity - GAAP
|
$
300,258
|
$
267,232
|
$
290,094
|
$
241,124
|
|
Annualized Return on
Average stockholders equity, Excluding sale of Braavo assets, net
of legal fees, provision associated with Braavo loans remaining
after sale, net of tax and merger and acquisition costs
- Non-GAAP
|
10.63 %
|
11.29 %
|
9.84 %
|
12.01 %
|
|
|
|
|
|
|
Average Tangible Equity
- Non-GAAP
|
211,501
|
178,696
|
201,063
|
178,131
|
|
Annualized Return on
Average Tangible Equity Excluding sale of Braavo assets, net of
legal fees, provision associated with Braavo loans remaining after
sale, net of tax, and merger and acquisition
costs - Non-GAAP
|
15.10 %
|
16.88 %
|
14.19 %
|
16.25 %
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Year
Ended
|
|
December 31,
|
December 31,
|
|
2024
|
2023
|
2024
|
2023
|
|
Earnings per share,
Excluding sale of Braavo assets, net of legal fees and merger
and acquisition costs
|
|
|
|
|
|
Net Income -
GAAP
|
$
7,983
|
$
7,540
|
$
27,818
|
$
17,811
|
|
After tax gain on sale
of Braavo, net of legal fees
|
-
|
-
|
(712)
|
-
|
|
After tax provisision
associatated with Braavo loans remaining after sale
|
-
|
-
|
1,427
|
-
|
|
After tax provision for
credit losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
3,627
|
|
After Tax merger and
acquisition costs
|
-
|
-
|
-
|
7,513
|
|
Net income excluding
one time items - Non-GAAP
|
$
7,983
|
$
7,540
|
$
28,533
|
$
28,951
|
|
Number of shares used
in computation - basic
|
4,750,062
|
4,746,719
|
4,750,185
|
4,429,162
|
|
Basic and Diluted
earnings per share, Excluding sale of Braavo assets, net of legal
fees, provision associated with Braavo loans remaining after sale,
net of tax, and merger and acquisition costs -
Non-GAAP
|
$
1.68
|
$
1.59
|
$
6.01
|
$
6.54
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
For the Year
Ended
|
|
December 31,
|
December 31,
|
|
Reconciliation of
net interest income on fully taxable equivalent
basis
|
2024
|
2023
|
2024
|
2023
|
|
Total interest
income
|
$
39,793
|
$
38,512
|
$
154,317
|
$
127,118
|
|
Total interest
expense
|
16,920
|
16,657
|
67,862
|
46,858
|
|
Net interest
income
|
22,873
|
21,855
|
86,455
|
80,260
|
|
Tax equivalent
adjustment
|
248
|
252
|
991
|
1,055
|
|
Net interest income
(fully taxable equivalent) - Non-GAAP
|
$
23,121
|
$
22,107
|
$
87,446
|
$
81,315
|
View original
content:https://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-full-year-and-fourth-quarter-2024-financial-results-302364859.html
SOURCE Citizens Financial Services, Inc.
